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Note 7 - Line of Credit and Long-term Debt | 6 Months Ended
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Jun. 30, 2021
Notes to Financial Statements |
Long-term Debt [Text Block] | 7. Line of credit and long-term debt The Company maintains a line of credit, which was assumed in the acquisition of Global Cooling, with a bank which expires in June 2023. The outstanding balance bears interest at a floating rate equal to the 3-month LIBOR rate plus 5.50%. The maximum allowed on the line of credit is $5,000,000. The line is secured by substantially all assets of Global Cooling. Long-term debt consisted of the following as of June 30, 2021 and December 31, 2020:
|  |  |  |  |  |  | June 30, |  |  | December 31, |
(In thousands) | Maturity Date |  | Interest Rate |  |  | 2021 |  |  | 2020 |
2019 term loan | Sep-23 |  |  | 8.5 | % |  | $ | 1,750 |  |  | $ | - |
2018 term loan | Sep-23 |  |  | 8.5 | % |  |  | 2,813 |  |  |  | - |
Insurance premium financing | Apr-22 |  |  | 4.0 | % |  |  | 1,074 |  |  |  | - |
Paycheck Protection Program loan | May-22 |  |  | 1.0 | % |  |  | 295 |  |  |  | 295 |
Freezer equipment loan | Dec-25 |  |  | 5.7 | % |  |  | 685 |  |  |  | 365 |
Manufacturing equipment loans | Oct-25 |  |  | 5.7 | % |  |  | 397 |  |  |  | 439 |
Freezer installation loan | Various |  |  | 6.3 | % |  |  | 1,058 |  |  |  | 156 |
Other loans | Various |  | Various |  |  |  | 12 |  |  |  | 14 |
Total debt |  |  |  |  |  |  | 8,084 |  |  |  | 1,269 |
Less: Unamortized debt issuance costs |  |  |  |  |  |  | (141 | ) |  |  | - |
Total debt, net of unamortized debt issuance costs |  |  |  |  |  | $ | 7,943 |  |  | $ | 1,269 |
The 2019 and 2018 term loans are secured by substantially all assets of Global Cooling. As of June 30, 2021, the scheduled maturities of loans payable for each of the next five years and thereafter were as follows:
(In thousands) |  | Amount |
2021 (6 months remaining) |  | $ | 2,350 |
2022 |  |  | 952 |
2023 |  |  | 1,767 |
2024 |  |  | 1,656 |
2025 |  |  | 238 |
Thereafter |  |  | 1,121 |
Total |  | $ | 8,084 |
Debt covenants and default provisions The line of credit, 2019 term loan, and 2018 term loan assumed in the acquisition of Global Cooling contain affirmative and negative covenants that are customary for financings of their respective types. As of June 30, 2021, the Company was not in compliance with certain reporting and financial covenants. For the three months ended June 30, 2021, these covenants were waived by the banks with no modifications made to the existing debt agreements. There were no changes to the debt covenants or default provisions related to the Company’s outstanding debt or other obligations during the six months ended June 30, 2021.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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